The $3.6 Billion Illusion (MRP) – QAV America #50
With our portfolio nearly double the S&P 500, we are diving deep into Millrose Properties (MRP) — a brand new REIT spun out of home builder Lennar that we decided did not pass the QAV sniff test. We dig into the weird world of land banking, shadow banking, private credit, and why a company can show $3.6 billion in operating cash flow while only pulling in $600 million in revenue.
QAV America Light Update — 29 April 2026
Happy Wednesday (Australian time), QAV America. And welcome to all of our new members. Sorry this edition is a little late – the stock I picked to review on the show this week turned out to be difficult to approve (listen to this week’s show) so I had to...QAV Value Investing Buy List 2026-04-26
This section is for QAV Club Members only. Register for your 14-day free QAV Club trial here. If you're already a QAV Club member and seeing this message, please login via the top menu. If you're a QAV Light member who wants to upgrade to QAV Club, go to your Account...Subprime Time: Lending to America’s Underbanked at 36% APR – QAV America #49
On this episode we run through our latest portfolio numbers — the QAV dummy portfolio is up 115% since inception versus the S&P’s 60%, and some individual picks like Kodak and Scripps are going absolutely bananas. We dig into the week’s big news including the Iran war’s economic ripple effects, the tariff refund mess, and the Cal-Maine antitrust saga. Then Cameron does a full Pulled Pork on Oportun Financial (OPRT) — a subprime FinTech lender to underserved Latino communities that’s dirt cheap, freshly activist-investor-cleaned, and either a turnaround gem or a cautionary tale.